And so, obviously, you can't tell what the revenue is going to be like for the year. That thought process doesn't change your appetite for the buyback in the front half?

and so obviously you can't tell what the revenue is going to be like for the year that thought process doesn't change your appetite for the buyback in the front half


We will continue to focus resources on growing our presence online as well as enhancing our in-store experience in order to deliver a seamless all-channel experience.

we will continue to focus resources on growing our presence online as well as enhancing our in-store experience in order to deliver a seamless all-channel experience


but some with new clients interested in Spend Analytics insights. I will now let Pete walk you through the details of our first quarter, and then I will provide some further color

but some with new clients interested in spend analytics insights i will now let pete walk you through the details of our first quarter and then i will provide some further color


We are extremely pleased to have undertaken this important step in our company's growth, and I think it fits with our organizational DNA to be leaders rather than followers in all that we do.

we are extremely pleased to have undertaken this important step in our company's growth and i think it fits with our organizational dna to be leaders rather than followers in all that we do


American Chartered's revenues and fees and loans and deposits are fully present in the fourth quarter, but only partially present in the third, making it hard to understand balance sheet growth.

american charter's revenues and fees and loans and deposits are fully present in the fourth quarter but only partially present in the third making it hard to understand balance sheet growth


but want to retire some airplanes, they're going to retire the older airplanes first. So the Rolls-Royce share of the underlying growth in the market

but want to retire some airplanes they're going to retire the older airplanes first so the rolls-royce share of the underlying growth in the market


managing some annuities in France and part of the indexation previously was paid by the state. We are referring to very old annuities dating from 60 years ago.

managing some annuities in france and part of the indexation previously was paid by the state we are referring to very old annuities dating from 60 years ago


But the story is a good new story. We've seen strength in those markets. We expect to see strength in those markets going forward. And for those to be above the IDEX average in terms of growth.

but the story is a good new story we've seen strength in those markets we expect to see strength in those markets going forward and for those to be above the idex average in terms of growth


to every single tumor mutation. Using that information, we identify both the neoantigens against which we want to amplify and concentrate immune responses

to every single tumor mutation using that information we identify both the neoantigens against which we want to amplify and concentrate immune responses


and we are confident that these businesses will grow earnings in 2016. Now I'll ask you to turn your attention to Slide 9 for a review of our Composites business.

and we are confident that these businesses will grow earnings in 2016 now i'll ask you to turn your attention to slide 9 for a review of our composites business


the potential negatives would largely be offset by the lower tax rate. So in short, we believe it's really not an issue for our portfolio company, but we are paying very close attention to it.

the potential negatives would largely be offset by the lower tax rate so in short we believe it's really not an issue for our portfolio company but we are paying very close attention to it


but is reflected in the announcement we made yesterday concerning our latest diagnostic approach in tests. The approval received from the New York State Department of Health of our third molecular test,

but is reflected in the announcement we made yesterday concerning our latest diagnostic approach and test the approval received from the new york state department of health of our third molecular test


the wholesale business from Gibson. Gibson has provided some sort of guidance range of EBITDA that they expect from that business

the wholesale business from gibson gibson has provided some sort of guidance range of ebitda that they expect from that business


in that country with the acquisition of Kinh Do. So we will continue to look for opportunities to supplement our basic footprint, but we feel quite good about the overall footprint

in that country with the acquisition of kyno so we will continue to look for opportunities to supplement our basic footprint but we feel quite good about the overall footprint


certainly disclose anything of significance as they happen, but there is a very healthy pipeline of potential customers in the future that we think we should be able to monetize on.

we certainly disclose anything of significance as they happen but there is a very healthy pipeline of potential customers in the future that we think we should be able to monetize on


we launched wave 3 of the initiative in January, identifying several more product areas to focus on and business functional spending targets that can be improved upon.

we launched wave 3 of the initiative in january identifying several more product areas to focus on and business functional spending targets that can be improved upon


that did impact our results. Although there was no direct damage to our facilities from these incidents, both events affected volumes on our Discovery and Markham systems, respectively.

that it did impact our results although there was no direct damage to our facilities from these incidents both events affected volumes on our discovery and markham systems respectively


These forward-looking statements and all other statements made during this meeting that do not concern historical facts are subject to risks and uncertainties that may materially affect actual results.

these forward-looking statements and all other statements made during this meeting that do not concern historical facts are subject to risks and uncertainties that may materially affect actual results


We will continue to integrate business acquisitions made in the past 2 years in order to capture cross-selling opportunities across our network.

we will continue to integrate business acquisitions made in the past 2 years in order to capture cross-selling opportunities across our network


We also saw strong service revenue from our large and growing base of installed systems. For the year, Europe grew 8%, delivering strong and steady results throughout the year.

we also saw strong service revenue from our large and growing base of installed systems for the year europe grew 8% delivering strong and steady results throughout the year


And lastly, we've benefited from strong alternative investment results in the quarter. I'm pleased with overall progress of the company, and I look forward to updating you again next quarter Thanks for your time today and thanks for your interest.

and lastly we benefited from strong alternative investment results in the quarter i'm pleased with the overall progress of the company and i look forward to updating you again next quarter thanks for your time today and thanks for your interest


We have -- we purchase hogs that are very focused to be used in value-added products, which, sometimes, are slightly different than what you might see in the open market.

we have -- we purchase hogs that are very focused to be used in value-added products which sometimes are slightly different than what you might see in the open market


We expect the strong demand for the Switch to continue to outpace supply for much of the year, and we expect to continue to have market-leading share and attractive attach and profit.

we expect the strong demand for the switch to continue to outpace supply for much of the year and we expect to continue to have market-leading share and attractive attachment profit


And finally, we are focused on returning cash to shareholders through a combination of opportunistic share repurchases and dividends, which I will touch on with more detail in a moment.

and finally we are focused on returning cash to shareholders through a combination of opportunistic share repurchases and dividends which i will touch on with more detail in a moment


It is aged for at least 12 years, expertly crafted by our small team of 12 blenders and is widely recognized by whiskey experts.

it is aged for at least 12 years expertly crafted by our small team of 12 blenders and is widely recognized by whiskey experts


These strategies will help to improve the timing of our seasonal product deliveries by region, allowing us to get the right products to the right location at the right time.

these strategies will help to improve the timing of our seasonal product deliveries by region allowing us to get the right products to the right location at the right time


We expect our T cells to essentially grow in the patient with essentially the tumor chipping away at the tumor and have a much different safety profile than others.

we expect our t-cells to essentially grow in the patient with essentially the tumor chipping away at the tumor and have a much different safety profile than others


you a little bit about your comment about the changing of the tire mix a little bit. And it sounded like to me that you guys were planning on mixing up the tires and maybe going towards a little bit more premium.

i wanted to ask a little bit about your comments about the changing of the tire mix a little bit and it sounded like to me that you guys were planning on mixing up the tires and maybe going towards a little bit more premium


As you might expect, the performance business has a heavier exposure to the Asian markets while the ag business is more heavily weighted towards Latin America.

as you might expect the performance business has a heavier exposure to the asian markets while the ag business is more heavily weighted towards latin america


I spent the last 8 weeks traveling to several of our offices around the globe, meeting with employees and learning the details of the business. And I'm pleased to work report that I've discovered a number of very encouraging facts.

i spent the last 8 weeks traveling to several of our offices around the globe meeting with employees and learning the details of the business and i'm pleased to report that i discovered a number of very encouraging facts


and then get better through the quarter. Point of sale at Fluke, as an example, clearly got better through the quarter. Matco got better in March. So we did see some trends that were improving through the quarter,

and then get better through the quarter point of sale at fluke as an example clearly got better through the quarter matco got better in march so we did see some trends that we're improving through the quarter


And the second one is on legal review. You said that it's going well and will be concluded shortly. And I noticed that you bought back all the preference shares, so I was wondering if you have any comments on

and then the second one is on legal review you said that it's going well and will be concluded shortly and i noticed that you bought back all the preference shares so i was wondering if you had any comments on


It's minimal direct impact to our business. We do plan it, we took advantage of it when it's a real peak and valley kind of a demand environment.

it's minimal direct impact to our business we do play in it we took advantage of it when -- it's a real peak and valley kind of a demand environment


Regulatory considerations, nevertheless, made it difficult for insiders or for the company to enter the market and buy our stock prior to announcing our quarterly results.

regulatory considerations nevertheless made it difficult for insiders or for the company to enter the market and buy our stock prior to announcing our quarterly results


The other thing that's interesting is that the KOLs have been really helpful for us as well in terms of being excited about the outcome of the study and also in terms of

the other thing that's interesting is that the kols have been really helpful for us as well in terms of being excited about the outcome of the study and also in terms of


One example is we always try to get our vendors to consign their materials here, raw materials. It's great for us if we can get a consignment program

one example is we always try to get our vendors to consign their materials here raw materials it's great for us if we could get a consignment program


we don't see a changing increase or a change in consumer demand for the next couple of months or quarters, and that drives our business model very much.

we don't see a changing increase or changing consumer demand for the next couple of months or quarters and that drives our business model very much


for the third quarter of 2018. Including the impact of the AMPS transaction I mentioned earlier, we reported a net loss attributable to common stockholders

for the third quarter of 2018 including the impact of the amps transaction i mentioned earlier we reported a net loss attributable to common stockholders


We are very encouraged by order rates, we're seeing in all 3 segments, particularly in the Advanced Technology segment, where demand for our solutions is strong across electronic and medical end markets.

we are very encouraged by our order rates we're seeing in all 3 segments particularly in the advanced technology segment where demand for our solutions is strong across electronic and medical end markets


as well as earlier equipment purchases due to longer manufacturer lead times and purchasing equipment ahead of potential steel surcharges later in the year.


As you recall, absorption is a metric that reflects the ability of our parts, service and rental gross profit to absorb fixed operating costs.

as you recall absorption is a metric that reflects the ability of our parts service and rental gross profits to absorb fixed operating costs


Loaded miles per tractor per week was down 2% for 2 quarters in a row now. Would you expect that to continue as long as the environment is loose? What makes it get better and what drives it worse?

loaded miles per tractor per week was down 2% for 2 quarters in a row now would you expect that to continue as long as the environment is loose what makes it get better and what drives it worse


We continue to take a highly disciplined and selective approach to new investments. And while we are passing on many opportunities, we have a strong pipeline of potential investments that meet our standards.

we continue to take a highly disciplined and selective approach to new investments and while we are passing on many opportunities we have a strong pipeline of potential investments that meet our standards


just keep it, put it in the back office, leave it in place and we could add value around it and come to us for more advanced technologies as you go along your journey.

just keep it put it in the back office leave it in place and we can add value around it and come to us for more advanced technologies as you go along your journey


And as you could appreciate, we couldn't hire fast enough to get additional resources to do this. So we also had to onboard contractors and partners to help us in this journey and we did that

and as you can appreciate we couldn't hire fast enough to get additional resources to do this so we also had to onboard contractors and partners to help us in this journey and we did that


But in the current quarter, you have recurring revenue, you're not recognizing all the recurring revenue for the deal, you're just recognizing the recurring revenue that's associated with this quarter.

but in the current quarter you have recurring revenue you're not recognizing all the recurring revenue for the deal you're just recognizing the recurring revenue that's associated with this quarter


in gaining more services in the clients where we are today than gaining more new clients. We have a great opportunity

in gaining more services in the clients where we are today than gaining more new clients we have a great opportunity


We are confident that our business fundamentals will remain intact in the short and midterm regardless of any outcome of these big exogenous factors.

we are confident that our business fundamentals will remain intact in the short and midterm regardless of any outcome of these exogenous factors


customers would find it more beneficial to use the service longer period of time, and we're going to stage this

customers would find it more beneficial to use the service longer period of time and we are going to stage this


We're now seeing the benefits of our bifurcation strategy with Modular Solutions gaining momentum and our industrial services business showing signs of improvement. Modular Solutions.

we are now seeing the benefits of our bifurcation strategy with modular solutions gaining momentum and our industrial services business showing signs of improvement modular solutions


With regards to aboriginal housing initiatives, the federal government's commitment to improving aboriginal housing across this country as we move through the end of the decade, remains a federal priority.

with regards to aboriginal housing initiatives the federal government's commitment to improving aboriginal housing across this country as we move through the end of the decade remains a federal priority


The name of the game for us now in mobile in Colombia is simplicity. We used to have a dozen plans that was confusing for our customers and it made like difficult for our salespeople and our customers care agents.

the name of the game for us now in mobile in colombia is simplicity we used to have a dozen plans it was confusing for our customers and it made it difficult for our salespeople and our customer care agents


by the impact from purchase accounting in addition to higher loan fees and earning asset yields, which were driven by increased interest rates and a restructuring of the investment portfolio.

by the impact from purchase accounting in addition to higher loan fees and earning asset yields which were driven by increased interest rates and a restructuring of the investment portfolio


Zack, I -- it was a little hard to hear you, but I think you were asking about the impact of the flu on the medical care ratio. Is that right? Yes, in the quarter and that versus everything else.

okay zach i -- it was a little hard to hear you but i think you were asking about the impact of the flu on the medical care ratio is that right yes in the quarter and that versus everything else


That means consumers can see what their personal out-of-pocket costs will be for a specific treatment at a specific facility performed by a specific doctor.

that means consumers can see what their personal out-of-pocket costs will be for a specific treatment at a specific facility performed by a specific doctor


before you consider competing there? And -- or do you think that just like brands and low fares alone are simply enough to sort of have a Southwest Effect in the traditional sense in that market?

before you consider competing there and -- or do you think that just like brand and low fares alone are simply enough to sort of have the southwest effect in a traditional sense in that market


We remain confident in the strength of our construction markets as geographies not impacted by severe weather, such as the Southeast, continue to perform in line with our expectations.

we remain confident in the strength of our construction markets as geographies not impacted by severe weather such as the southeast continued to perform in line with our expectations


Today's webcast is accompanied by a slide presentation, which can be found in the investors section of Luxfer's website. We'll refer to these slides throughout our prepared remarks.

today's webcast is accompanied by a slide presentation which can be found in the investors section of luxfer's website we will refer to these slides throughout our prepared remarks


I would like to say that the first quarter has been summarized and that we expect the following for the rest of the year. In the first place, we are on

i would like to say that the first quarter has been summarized and that we expect the following for the rest of the year in the first place we are on the


levels of discount proportional to their size and how often they buy, such as the case of other players in the market. And we are going to avoid the spot

levels of discount proportional to their size and how often they buy such as is the case of other players in the market and we are going to avoid the spot


highly competitive marketplace. We have previously planned to offset this decline with a strong second half of the year aided, in large part, by solid growth in our enterprise customer segment.

highly competitive marketplace we have previously planned to offset this decline with a strong second half of the year aided in large part by solid growth in our enterprise customer segment


Overall, our ongoing assessment of both the short-term and long-term opportunities and risks for our business model supports our belief that the RV industry is positioned to grow well above the RVIA's current forecast

overall our ongoing assessment of both the short-term and long-term opportunities and risks for our business model supports our belief that the rv industry is positioned to grow well above the rvia's current forecast


As Brian indicated, at a time when other traditional toy companies are struggling, we are reiterating our full year outlook and feel very good about the underlying trends in our business.

as brian indicated at a time when other traditional toy companies are struggling we are reiterating our full year outlook and feel very good about the underlying trends in our business


Before we begin our presentation, I encourage all listeners to review the safe harbor statements included on Slides 2 and 3 in the investor presentation on our website, which explain the risks of forward-looking statements,

before we begin our presentation i encourage all listeners to review the safe harbor statements included on slides 2 and 3 in the investor presentation on our website which explain the risks of forward-looking statements


Now let me start by outlining what I will cover today. I will provide an update on key sales wins in the quarter as well as an update on several key areas of the business,

now let me start by outlining what i will cover today i will provide an update on key sales wins in the quarter as well as an update on several key areas of the business


Jim? Thanks, Greg, and good morning, everyone. I'm going to speak mainly about pricing and demand for our carbon steel and alloy products as well as our outlook on certain key

jim thanks greg and good morning everyone i'm going to speak mainly about pricing and demand for our carbon steel and alloy products as well as our outlook on certain key


So I think when you look at the power margins, as George said, it's 100 basis points in the first quarter, that transportation and logistics will probably continue

so i think when you look at the power margins as george said it's 100 basis points in the first quarter that transportation and logistics will probably continue


and meet our clients. Some of them are starting to do Live Chat and if they do any Live Chat, then obviously we credit Amazon for the sale.

and meet our clients some of them are starting to do live chat and if they do any live chat then obviously we credit amazon for the sale


this just got started in this last quarter and the last quarter for the government is when they do tend to give large orders.

this war this just got started in this last quarter and the last quarter for the government is when they do tend to give large orders


These statements are based upon management's current expectations, projections and assumptions and are by nature uncertain. Actual results may differ materially.

these statements are based upon management's current expectations projections and assumptions and are by nature uncertain actual results may differ materially


If you should have other questions afterwards, we will open the line to the floor. This will be our procedures today.

if you should have other questions afterwards we will open the line to the floor this will be our procedures today


capture that demand and hopefully, present them with another Carlyle opportunity, I can't tell you whether it's coming to Carlyle or not coming to Carlyle. I think there is a handful of

capture that demand and hopefully present them with another carlisle opportunity i can't tell you whether it's coming to carlisle or not coming to carlisle i think there's a handful of


outlook, revenue outlook, you have a range. So I'm thinking about the change in marginal profitability, or is it because of differences in cost? Is that in your assumptions?

outlook revenue outlook you have a range so i'm thinking about the change in marginal profitability or is it because of differences in cost is that in your assumptions


So there was some loss of market share. We have refocused that. We've also broadened our product offering and are offering system solutions

so there was some loss of market share we have refocused that we've also broadened our product offering and are offering system solutions


Our focus is on delivering the right level of services to grow subscriptions and to make customers successful on our platform as we continue to build virtual capacity with our SI partners.

our focus is on delivering the right level of services to grow subscriptions and to make customers successful on our platform as we continue to build virtual capacity with our si partners


mostly across verticals and across all major companies, they're realizing the need to lean into software development itself and to modernize their methods and their technologies.

mostly across verticals and across all major companies they're realizing the need to lean into software development itself and to modernize their methods and their technologies


a couple of years ago, it continues to be robust. With that said, lumping emerging markets together today is not a good idea because you have very different dynamics in terms of what's occurring

couple of years ago it continues to be robust with that said lumping emerging markets together today is not a good idea because you have very different dynamics in terms of what's occurring


We estimate that the Escondida strike reduced our EBIT margin by about 30 basis points in the quarter. And we expect a similar impact in the second quarter.

we estimate that the escandita strike reduced our ebit margin by about 30 basis points in the quarter and we expect a similar impact in the second quarter


Good morning. My name is Anita, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter and Full Year 2016 Earnings Call

good morning my name is anita and i will be your conference operator today at this time i would like to welcome everyone to the fourth quarter and full year 2016 earnings call


brand and technology to drive sustained growth, and we could also make small acquisitions, which have a good strategic and financially attractive rationale.

brand and technology to drive sustained growth and we could also make small acquisitions which have a good strategic and financially attractive rationale


This is a normal part of our business, but the timing is not something we can plan for, and it does create a high base of comparison for us next year.

this is a normal part of our business but the timing is not something we can plan for and it does create a high base of comparison for us next year


Turning now to cash flow and capital structure. As a reminder, we define free cash flow as cash flow from operations less net capital expenditures.

turning now to cash flow and capital structure as a reminder we define free cash flow as cash flow from operations less net capital expenditures


There will always be a need for safe, effective and convenient acute treatments, and obviously, an oral acute therapy would be very accessible and highly attractive for patients.

there will always be a need for safe effective and convenient acute treatments and obviously an oral acute therapy would be very accessible and highly attractive for patients


The Middle East is also a strong source for growth for our Process and Flow Technologies business, specifically for production chokes, water management, separation and early production equipment.

the middle east is also a strong source for growth for our process and flow technologies business specifically for production chokes water management separation and early production equipment


And equally important, our change of -- our mix in business has changed. We haven't grown the top line as fast as we would have liked or as fast as

and equally important our change of -- our mix in business has changed we haven't grown the top line as fast as we would have liked or as fast as


Our third quarter range does not assume any dilution related to NOVADAQ. However, if the deal closes earlier than September 30, there will be additional dilution during the quarter.

our third quarter range does not assume any dilution related to novadak however if the deal closes earlier than september 30 there will be additional dilution during the quarter


finalize the contract until the early part of this quarter. So we will now begin to accelerate some of that investment in the second quarter.

finalize the contract until the early part of this quarter so we will now begin to accelerate some of that investment in the second quarter


recall that we were running both the submissions to the FDA in parallel. And because of the volume of information, we decided to prioritize

recall that we were running both the submissions to the fda in parallel and because of the volume of information we decided to prioritize


However, other operators in the market are now doing the same thing, and achievable values have moderated somewhat in the last couple of months. So as part of classifying the operation as discontinued,

however other operators in the market are now doing the same thing and achievable values have moderated somewhat in the last couple of months so as part of classifying the operation as discontinued


Our revenue outlook has been adjusted in fitness, outdoor and aviation, which are the segments most impacted by the economic and competitive factors mentioned previously.

our revenue outlook has been adjusted in fitness outdoor and aviation which are the segments most impacted by the economic and competitive factors mentioned previously


with the sales force reduction we completed in December, we expect our sales and marketing expenses and customer acquisition costs to come in line with our peers.

with the sales force reduction we completed in december we expect our sales and marketing expenses and customer acquisition costs to come in line with our peers


Our variable annuity business, which is included in U.S. retail flows, has been under pressure for the past 2 years as some of our insurance partners exited the business, while others made a shift to passive.

our variable annuity business which is included in u s retail flows has been under pressure for the past 2 years as some of our insurance partners exited the business while others made a shift to passive


it's very similar to what we have been seeing in the past. As you know, many of these transactions take longer to close. So we have been working on some of them

it's very similar to what we have been seeing in the past as you know many of these transactions take longer to close so we have been working on some of them


for 3D NAND. The -- and we have some really tremendously enabling capabilities. The etch business for us is continuing to grow. Our conductor

for 3d nand the -- and we have some really tremendously enabling capabilities the etch business for us is continuing to grow our conductor


Yes. Jerry, that one has played out a little different than the hypothesis we had coming into the year and it appears to be maybe a quarter or 2 behind where we thought it would be.

yes so jerry that one's played out a little different than the hypothesis we had coming into the year and appears to be maybe a quarter or two behind where we thought it would be


So you're trying to get those bits and bytes to move across the country as fast as possible. This tower, which will be the largest tower in that area, will enable those customers on that to access

so you're trying to get those bits and bikes to move across the country as fast as possible this tower which will be the largest tower in that area will enable those customers on that to access


here. Not beyond what we've already done with them, which is basically a joint ownership in the assets that are co-owned.

not beyond what we've already done with them which is basically a joint ownership in the assets that are co-owned


And what's great about these is once you incur the cost and the projects start, it's a very sticky business. So it will impact the fourth quarter as well as next year

and what's great about these is once you incur the cost and the project starts it's a very sticky business so it will impact the fourth quarter as well as next year too


I believe that we have the ability to move rates on rigs where we are not locked into contracts on pricing agreements that extend for long periods of time.

i believe that we have the ability to move rates on rigs where we are not locked into contracts and pricing agreements that extend for long periods of time


allowing us to reach an even broader market base and solve these new security challenges. CIOs and Chief Information Security Officers and developers are only in the early stages of evaluating solutions

allowing us to reach an even broader market base and solve these new security challenges cios and chief information security officers and developers are only in the early stages of evaluating solutions


As previously mentioned, we do not intend to issue any equity in connection with the Zephyr acquisition, and we intend to pay for the transaction with existing cash on hand.

as previously mentioned we do not intend to issue any equity in connection with the zephyr acquisition and we intend to pay for the transaction with existing cash on hand


However, we expect to make up most of that in the remainder of the year based on current inventory values, pre-sale's already in place and the expected lower going forward.

however we expect to make up most of that in the remainder of the year based on current inventory values presales already in place and the expected lower wake cog going forward


all of our compensation plan and all of our benefits that we have here. And so I wouldn't expect anything else that we would do from your standpoint to be material. But it might

all of our compensation plan and all of our benefits that we have here and so i wouldn't expect anything else that we would do from your standpoint to be material but it might


Since we want to be conservative with our expectations for these new agency partners, we don't want to assume they will make up the whole difference from lower revenue from small ESCOs in the short term.

since we want to be conservative with our expectations for these new agency partners we don't want to assume they will make up the whole difference from lower revenue from small escos in the short term


and I believe we have made significant progress in our deal governance as we continue forward with our intelligent edge solution growth strategies. I will now turn the call back to Joel.

and i believe we've made significant progress in our deal governance as we continue forward with our intelligent edge solution growth strategies i will now turn the call back to joel


much like we have over the last 15 years, where we've opened up stores, we have noticed that it takes 12 to 18 months to get to that level where we feel good about the returns.

much like we have over the last 15 years where we've opened up stores we have noticed that it takes 12 to 18 months to get to that level where we feel good about the returns


stop to delivering active phone subscriptions at the end of June, so we had very little revenue at the end of June. But

a stop to delivering active phone subscriptions at the end of june so we had very little revenue at the end of june but


And fifth, it will drive higher cash on cash returns on U.S. capital projects, as capital spending for the next 5 years will be immediately deductible for tax purposes.

and fit it will drive higher cash-on-cash returns on u s capital projects as capital spending for the next 5 years will be immediately deductible for tax purposes


how you compare the strength of the environment -- what you're seeing in '17 compared to what you expect for '18 and '19, based on what you will be launching and the expected ramp schedules?

and how you compare the strength of the environment of the -- what you're seeing in '17 compared to what you expect for '18 and '19 based on what you will be launching and the expected ramp schedules


As I've mentioned on previous calls, we believe Japan represents a substantial market opportunity and that it would become a top 5 market for Cornerstone over time.

as i've mentioned on previous calls we believe japan represents a substantial market opportunity and that it would become a top 5 market for cornerstone over time


Three, we will continue to build our business in China by fostering deep connections among our partners, their families, our customers and the communities we serve.

three we will continue to build our business in china by fostering deep connections among our partners their families our customers and the communities we serve


will subside by the end of the year as inventories are adjusted and growth will return in 2018. Our third quarter bookings support this outlook.

will subside by the end of the year as inventories are adjusted and growth will return in 2018 our third quarter bookings support this outlook


growth of 8% to 10%, and we believe we are well positioned to achieve this goal in fiscal year 2020. With this, let me turn the call over to Lee.

growth of 8% to 10% and we believe we are well positioned to achieve this goal in fiscal year 2020 with this let me turn the call over to lee


As illustrated by this wave of deals I just outlined, we are aggressively taking advantage of the rapidly growing and high potential AVOD OTT market segment.

as illustrated by this wave of deals i just outlined we are aggressively taking advantage of the rapidly growing and high potential avado ott market segment


Over the past few quarters, demand for services, parts and brownfield project support that largely declined during the downturn has continued to show increasing activity across our businesses.

over the past few quarters demand for services parts and brownfield project support that largely declined during the downturn has continued to show increased activity across our businesses


This practice area penetration reflects the diversity of relationships we have within our client organizations and supports the opportunity for growth in other significant clients.

this practice area penetration reflects the diversity of relationships we have within our clients' organizations and supports the opportunity for growth in other significant clients


That means our cover remains very healthy, which is well above any of our banking requirements of 2 and our own internal target of 5. The

that means our cover remains very healthy which is well above any of our banking requirements of 2 and our own internal target of 5


Similar to last quarter, we've seen more movement in institutional and commercial deposits, and deposit betas continue to be in line with or slower than our simulation modeling.

similar to last quarter we've seen more movement in institutional and commercial deposits and deposit betas continue to be in line with or slower than our simulation modeling


We entered the year with a cautious view of demand trends, and we continue to be mindful of the choppy operating environment, which is likely to persist throughout the balance of the year in many markets.

we entered the year with a cautious view of demand trends and we continue to be mindful of the choppy operating environment which is likely to persist throughout the balance of the year in many markets


Naturally, if it stimulates a response to the right targets, the vaccine should work optimally. There were recently two papers published in nature that highlight this issue.

naturally if it stimulates a response to the right targets the vaccine should work optimally there were recently 2 papers published in nature that highlight this issue


It's just, in my view, a matter of timing before it does get picked up on a program that's a better fit for the performance and the capabilities of our product.

it's just in my view a matter of timing before it does get picked up on a program that's a better fit for the performance and the capabilities of our product


If you'd like to see more information about this, I suggest you review the slide deck on the ZAPI project on the company's website under our Media Center, on the Presentations tab.

if you'd like to see more information about this i suggest you review the slide deck on the zappi project on the company's website under our media center on the presentations tab


We are expanding award night redemption options across the most aspirational of our destinations. So now Wyndham Rewards members have even more exciting travel options,

we are expanding award night redemption options across the most aspirational of our destinations so now wyndham rewards members have even more exciting travel options


to serve the 1 billion families in the world. We want to develop healthy, wealthy and happy ecosystem,

to serve the 1 billion families in the world we want to develop healthy wealthy and happy ecosystem


compete with the pipeline to the Gulf Coast by rail to the West Coast. And when we look at our supply chain cost of how we gather

compete with the pipeline to the gulf coast by rail to the west coast and when we look at our supply chain cost of how we gather


Despite these external factors, we continue to see positive overall trends in our volume and value share for ZADAXIN, underscoring our belief

despite these external factors we continue to see positive overall trends in our volume and value share for zedaxin underscoring our belief


This increase reflects lower expenses, including the absence of higher-than-typical cost associated with employee benefit plans and office relocations incurred in the year-ago quarter

this increase reflects lower expenses including the absence of higher-than-typical costs associated with employee benefit plans and office relocations incurred in the year-ago quarter


their portfolios in the market and really leverage combinations to address overhead costs, not necessarily innovation and certainly not production

their portfolios in the market and really leverage combinations to address overhead costs not necessarily innovation and certainly not production


systemic issues in the portfolio where -- we are seeing these are kind of idiosyncratic credit problems from individual companies that are running into trouble.

systemic issues in the portfolio we're seeing these are kind of idiosyncratic credit problems from individual companies that are running into trouble


How are you thinking about freight if -- and I know it's not easy to separate from weather right now. But do you think freight costs for your system are going to moderate later this year?

how are you thinking about freight if -- and i know it's not easy to separate from weather right now but do you think freight costs for your system are going to moderate later this year


to really create a solution that offers much more than just security to our customers. Security is certainly a core component of the solution, but there are other things that we can do such as the retail where

to really create a solution that offers much more than just security to our customers security is certainly a core component of the solution but are there other things that we can do such as in retail where we


and merchants in unique and powerful ways. I'd like to now turn the call over to Bill, who will provide additional color on some of our other recent partnerships.

and merchants in unique and powerful ways i'd like to now turn the call over to bill who will provide additional color on some of our other recent partnerships


With this foundation in place, we found an excellent merger partner in Cascade, a strong community bank franchise that represents a good strategic and cultural fit for First Interstate.

with this foundation in place we found an excellent merger partner in cascade a strong community bank franchise that represents a good strategic and cultural fit for first interstate


By curating these titles based on our extensive loyalty data combined with compelling trade-in promotions, we continue to provide differentiating value for our customers.

by curating these titles based on our extensive loyalty data combined with compelling trade-in promotions we continue to provide differentiating value for our customers


and our communities, including organizing the delivery of much-needed supplies to our associates in Puerto Rico where we have 3 stores and a distribution center, within a few days of the devastation.

and our communities including organizing the delivery of much-needed supplies to our associates in puerto rico where we have 3 stores and a distribution center within a few days of the devastation


So there's sort of a whole bucket of changes in terms of the way that the business opportunity is pitched relating to how much money you're going to make, what kind of a life you're going to have, and it will be a very substantial change

so there's sort of a whole bucket of changes in terms of the way that the business opportunity is pitched relating to how much money you're going to make what kind of a life you're going to have and it will be a very substantial change


we have continued to deliver on our commitment to drive shareholder value through our strategy of capital discipline, returning capital to shareholders and efficiently managing our assets.

we have continued to deliver on our commitment to drive shareholder value through our strategy of capital discipline returning capital to shareholders and efficiently managing our assets


The purchase price for the transferred assets would be determined following receipt of third-party appraisals and subsequent negotiation and would be paid in the form of a long-term note

the purchase price for the transferred assets would be determined following receipt of third-party appraisals and subsequent negotiation and would be paid in the form of a long-term note


Regardless of the business cycle, we are confident in ExxonMobil's integrated business model and our ability to create shareholder value over the long term.

regardless of the business cycle we are confident in exxonmobil's integrated business model and our ability to create shareholder value over the long term


Can you maybe describe the conversations that are going forward today in spite of the trade issues going back and forth?

can you maybe describe the conversations that are going forward today in spite of the trade issues going back and forth


We are very proud to receive this recognition by Dow Jones Sustainability Index, and I believe that being a leader in sustainability is vital to preserving our competitive advantage.

we are very proud to receive this recognition by dow jones sustainability index and i believe that being a leader in sustainability is vital to preserving our competitive advantage


And unsurprisingly, it's come out of the categories that we've been talking about. On the left-hand side, you can see the relative absolute growth of gross rent in each of these broad categories,

and unsurprisingly it's come out of the categories that we've been talking about on the left-hand side you can see the relative absolute growth of grace rent in each of these broad categories


pad was originally scheduled as another single well test, and we're currently evaluating accelerating the timing of that pad, as well as whether or not we'll make it a 2-well pad.

that pad was originally scheduled as another single well test and we're currently evaluating accelerating the timing of that pad as well as whether or not we'll make it a 2-well pad


and Air Transport Services Group undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions, factors, new information or other changes.

and air transport services group undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions factors new information or other changes


But we want to also do that in the right type of pattern as well, which is maintaining lower levels of customer concentration. So it's a little bit of a double-edged sword, but

but we want to also do that in the right type of pattern as well which is maintaining lower levels of customer concentration so it's a little bit of a double-edged sword but


signal of the fact that we are bringing in a number of first-time outsourcers into WNS. And as you know, many of them, when they start off,

signal of the fact that we are bringing in a number of first-time outsources into wns and as you know many of them when they start off


will be available shortly after the event has concluded. Before proceeding, let me mention that forward-looking statements about future events, operating or financial results

will be available shortly after the event is concluded before proceeding let me mention that forward-looking statements about future events operating or financial results


These businesses, we build, and firms like us build them, and they buy them and they operate them, I think, very well. So I think there's a nice model of firms like ours build them,

these businesses we build and firms like us build them and they buy them and they operate them i think very well so i think there's a nice model of firms like ours build them


our cost structure but also streamline where we do each type of product to each type of operation. And it also really reflects where we're finding the best sources

our cost structure but also streamline where we do each type of product or each type of operation and it also really reflects where we're finding the best sources


We are now very close to the ultimate resolution in both Illinois and New York. So with that, I'll turn the call over to Jack, and he will walk you through the numbers.

we are now very close to the ultimate resolution in both illinois and new york so with that i'll turn the call over to jack and he will walk you through the numbers


we show the cost of risk that includes both the cost of impairments of financial and nonfinancial assets as well as the results on the sale of foreclosed assets.

we saw the cost of risk that includes both the cost of impairments of financial and nonfinancial assets as well as the results on the sale of foreclosed assets


Tech brands' sales are expected to grow more than 50% in the second quarter. The projected increase in operating earnings coming from tech brands and the margin from collectibles

tech brand sales are expected to grow more than 50% in the second quarter the projected increase in operating earnings coming from tech brands and the margin from collectibles


on market flows, macroeconomics and a little bit of pricing, which tends to be a little deeper in the first quarter than the out quarters, just the way the calendar works, and so we're just trying to factor that in.

on market flows macroeconomics and a little bit of pricing which tends to be a little deeper in the first quarter than the out quarters just the way the calendar works and so we're just trying to factor that in


how it manifests itself. In other words, I think you used the phrase this year. I mean, this year is like 2 weeks old. So are we talking about each new contract that comes up as it comes up and

the -- how it manifests itself in other words i think you used the phrase this year i mean this year is like 2 weeks old so are we talking about each new contract that comes up as it comes up and


We are starting to realize some significant wins, including the recent completion of our fast-tracked, innovated modular constructed hotel property located in Revelstoke, British Columbia.

we are starting to realize some significant wins including the recent completion of our fast-tracked innovative modular constructed hotel property located in revelstoke british columbia


because of the politics involved in this situation is if the tax bill works as anticipated, there will be a significant growth

because of the politics involved in this situation is if the tax bill works as anticipated there will be a significant growth


Overall, it's clear that our pricing strategies allow us to grow volumes and increase yields across the portfolio and are succeeding in doing so.

overall it's clear that our pricing strategies allow us to grow volumes and increase yields across the portfolio and are succeeding in doing so


and it is in our backyard in Peru. I mean we ought to look at it. That doesn't mean we're going to go there and develop it tomorrow and competing with the other projects that we do have

and it is in our backyard in peru and i mean i think we ought to look at it that doesn't mean that we are going to go there and develop it tomorrow and competing with the other projects that we do have


I'd also like to mention that in addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, during our call, we will discuss several non-GAAP financial measures,

i'd also like to mention that in addition to reporting financial results in accordance with generally accepted accounting principles or gaap during our call we will discuss several non-gaap financial measures


Now before I hand off to Allan, just a couple of specific items to note. Our CTR delivered a home initiative in Ottowa, is well underway, and we're collaborating closely with our dealers.

now before i hand off to alan just a couple of specific items to note our ctr deliver to home initiative in ottawa is well underway and we're collaborating closely with our dealers


We announced a CATOFIN technology license award and plan to announce several more awards this quarter, including the ethylene technology award in India that we announced just this morning.

we announced the catalyst technology license award and plan to announce several more awards this quarter including the ethylene technology award in india that we announced just this morning


the trajectory was down if you looked at the second and third quarter, like, we were not -- we would have had a hard time building a great plan. So I think the good results in the fourth quarter just were

trajectory was down if you looked at the second and third quarter like we were not -- we would have had a hard time building a great plan so i think the good results in the fourth quarter just were


where we have large flight kitchens, that gives us a base volume that we can then use to confidently invest in that kind of scale automation. So

where we have large flight kitchens that gives us a base volume that we can then use to confidently invest in that kind of scale automation so


everywhere that we can further embed a Visa card into the payment stream and build the loyalty of the consumer

everywhere that we can further embed a visa card into the payment stream and build the loyalty of the consumer


We look forward to sharing that data with you on our next call. We talked in July about issues we encountered in the ramp-up of our manufacturing processes, which we now believe are largely behind us.

we look forward to sharing that data with you on our next call we talked in july about issues we encountered in the ramp of our manufacturing processes which we now believe are largely behind us


And in a year from now, we will know much more. But it's fair to say that Besi is involved in all these developments.

and in a year from now we will know much more but it's fair to say that besi is involved in all these developments


Technology Solutions also benefited from revenue associated with the TS program with partners in China as we implemented key elements of our supply chain strategy for that market.

technology solutions also benefited from revenue associated with the ts programs with partners in china as we implemented key elements of our supply chain strategy for that market


The overall picture for revenue is one of growth from underlying operations, complemented by our recent acquisitions and partially offset by FX translation

the overall picture for revenue is one of growth from underlying operations complemented by our recent acquisitions and partially offset by fx translation


The largest credit unions in Canada control millions of customers and billions of dollars of assets. Their strategy has been to sell multiple financial products to their member base, driving very high average revenue per member.

the largest credit unions in canada control millions of customers and billions of dollars of assets their strategy has been to sell multiple financial products to the member base driving very high average revenue per member


and the decisions around where we're going to invest and not going to invest is going to be the biggest portion of the time I spend over the coming weeks as we develop the new strategy.

and the decisions around where we're going to invest and not going to invest is going to be the biggest portion of the time i spend over the coming weeks as we develop the new strategy


Strategically, bringing in partners to share in the results of that business allows us to have a larger presence in the market while exposing our individual result of less volatility. Conversely,

strategically bringing in partners to share in the results of that business allows us to have a larger presence in the market while exposing our individual result less volatility conversely


achieved record sales and base earnings in 2015 while we focused on optimizing our industrial segments which faced difficult economic conditions in many of our global markets.


The second question will become not only what the indication is, but what reimbursement occurs. And even today, you start to see reimbursement occurring

the second question will become not only what the indication is but what reimbursement occurs and even today you start to see reimbursement occurring


This recommendation has now been ratified by the European Commission. I'll remind you that ZEPATIER is not cleared by the kidney and can be used in patients irrespective of baseline renal function.

this recommendation has now been ratified by the european commission i'll remind you that zepatier is not cleared by the kidney and can be used in patients irrespective of baseline renal function


seen in our results over the last couple of years that would indicate already a certain sense of urgency. The contribution of La Prairie on the total growth

see in our results over the last couple of years that would indicate already a certain sense of urgency the contribution of lapierre on the total growth


I think raising above that, these small brands individually might have this sustainability issue, but it is also an expression of trends

i think raising above that these small brands individually might have this sustainability issue but it is also an expression of trends


that have come and gone over the last couple of years, and especially with the current administration. So the good news for us is certainly, if they take the tax credit away,

that have come and gone over the last couple of years and especially with the current administration so the good news for us is certainly if they take the tax credit away


Is there something structural that's changing or are we just seeing -- were we just in a period where correlations for assets that might not necessarily be correlated approached one?

is there something structural that's changing or are we just seeing -- were we just in a period where correlations for assets that might not necessarily be correlated approached one


the developers will figure their way through it. And we're comfortable with our prospective partner that again we can manage it in terms of the ability to set rents and the ability to

that developers will figure their way through it and we're comfortable with our prospective partner that again we can manage it in terms of the ability to send rents and the ability to


let's call it a pipeline or a development ladder over time, that works for them. And us trying to figure out how best to optimize it for both parties. Recognizing some stores will be

let's call it a pipeline or a development ladder over time that works for them and us trying to figure out how best to optimize it for both parties recognizing some stores will be


it's going to pretty much burnout. And I don't think we really anticipate a whole lot next year, unless we see rates take an about face, which I don't think any of us think it will. So

it's going to pretty much burn out and i don't think we really anticipate a whole lot next year unless we see rates taken about face which i don't think any of us think it will so


We're going to continue to look at wireless communication, signal data management, data prioritization, anything in those areas that will allow us to enhance our connected car strategy.

we're going to continue to look at wireless communication signal data management data prioritization anything in those areas that will allow us to enhance our connected car strategy


Were there some seasonal or sometimes there's events that move around timing and stuff that helped or is there some reason that it was so strong and maybe you do we think about that going forward?

were there some seasonal or sometimes there's events that move around timing stuff that helped or is there some reason that it was so strong and maybe how do we think about that going forward


together with marketing services campaign execution to accelerate outsourced campaign targeting and multi-channel execution,

together with marketing services campaign execution to accelerate outsourced campaign targeting and multichannel execution


some of the changes that you see on net retention today are a function of us taking slightly more net from some of our excess to loss covers, but of course, that puts more premium on the books,

some of the changes that you see on net retention today are a function of us taking slightly more net from some of our excess and loss covers but of course that puts more premium on the books


Going forward, we'll convene a series of additional multi-stakeholder meetings to continue the industry dialogue, aiming to reach consensus on a new definition of the currency. And the goal

going forward we'll convene a series of additional multistakeholder meetings to continue the industry dialogue aiming to reach consensus on a new definition of the currency and the goal


In fact, we just received customer feedback from our semiannual customer survey and the results show the highest levels of satisfaction ever achieved by our company.

in fact we just received customer feedback from our semi-annual customer survey and the results show the highest levels of satisfaction ever achieved by our company


We began our rightsizing of the business in late June and completed it in early July. Our goal was to size the organization at the appropriate resource level needed to support a stronger fourth quarter

we began our rightsizing of the business in late june and completed it in early july our goal was to size the organization at the appropriate resource level needed to support a stronger fourth quarter


I think in the January quarter, we've talked a little bit about having a mix of Sherman in that. So there's a combination of Sherman

i think in the january quarter we've talked a little bit about having a mix of sherman in that so there's a combination of sherman


We continue to see untapped potential to better utilize our engineering capabilities to support a variety of new business development opportunities.

we continue to see untapped potential to better utilize our engineering capabilities to support a variety of new business development opportunities


and our progress in our China and U.S. programs during the coming quarters and the opportunity to build momentum in our product development programs.

and our progress in our china and u s programs during the coming quarters and the opportunity to build momentum in our product development programs


The plans how to adjust our network and what are we going to do in innovation and digitalization, including, of course, the key financial metrics of Parcels.

the plans how to adjust our network and what are we going to do in innovation and digitization including of course the key financial metrics of parcels


primarily because there are a number of possibilities that are much further advanced. And that those prospects have not gone away and

primarily because there are a number of possibilities that are much further advanced and those prospects have not gone away and


In addition to the more frequent and intense dialog with the FDA on this program and also all of the initiatives that may advance this medicine to Pompe patients as quickly as possible

in addition to the more frequent and intense dialogue with the fda on this program and also all of the initiatives that may advance this medicine to pump-tape patients as quickly as possible


Over the next few quarters, we anticipate seeing more FEED studies to evaluate the economics and feasibility of new projects as major operators appear to be more seriously evaluating new offshore developments.

over the next few quarters we anticipate seeing more feed studies to evaluate the economics and feasibility of new projects as major operators appear to be more seriously evaluating new offshore developments


Our technology was included in the key publications this quarter for a foundational 10,000 Immunome Project and a seminal research published in The New England Journal of Medicine.

our technology was included in key publications this quarter for a foundational 10 000-immuneome project and a seminal research project published in the new england journal of medicine


Now I would like to turn the call over to David Grande to discuss our third quarter 2017 financial performance and provide insured portfolio highlights.

now i would like to turn the call over to david grandy to discuss our third quarter 2017 financial performance and provide insured portfolio highlights


While we derive a significant share of our wind energy business from Asia Pacific region, our business is well positioned globally, as we continue to benefit from growth in multiple regions.

while we derive a significant share of our wind energy business from asia pacific region our business is well positioned globally as we continue to benefit from growth in multiple regions


And thank you for your questions. Thank you for joining us this morning, and I'm sure we'll be talking to many of you soon. This concludes today's conference call. You may now disconnect.

thank you for your questions thank you for joining us this morning and i'm sure we'll be talking to many of you soon this concludes today's conference call you may now disconnect


our results followed by a more detailed discussion by product group and then we will finish with a fourth quarter outlook and full-year perspective.

followed by a more detailed discussion by prodagroup and then we will finish with the fourth quarter outlook and full year perspective


The segment continues to deliver on our stated goals of generating strong gross profit performance, differentiation in the market and leverage to drive service revenue growth.

the segment continues to deliver on our stated goals of generating strong gross profit performance differentiation in the market and leverage to drive service revenue growth


really bring those 2 things together, along with Entrada into a really powerful combination that not only identifies problems but truly allows those problems to be addressed.

really bring those 2 things together along with entrate into a really powerful combination that not only identifies problems but truly allows those problems to be addressed


guess, how much of your initiatives to ship the full trucks, the lane optimization is already reflected in fourth quarter? Does that headwind continue at this level

i guess how much of your initiatives to ship the full trucks the lane optimization is already reflected in fourth quarter does that headwind continue at this level


In addition to positioning our organization to deliver sustained organic growth, we are committed to active portfolio management to drive diversified growth and enhanced shareholder value.

in addition to positioning our organization to deliver sustained organic growth we are committed to active portfolio management to drive diversified growth and enhance shareholder value


We anticipate our third quarter EPS will be similar to the first quarter due mostly to the ongoing weakness in the oil and gas market and our anticipated AECOM Capital realization in the fourth quarter.

we anticipate our third quarter eps will be similar to the first quarter due mostly to the ongoing weakness in the oil and gas market and our anticipated aecom capital realization in the fourth quarter


This month, the Ministry of Health in Japan listed for reimbursement 12 procedures in which da Vinci could be used in addition to prostatectomy and nephrectomy, which are already reimbursed.

this month the ministry of health in japan listed for reimbursement 12 procedures in which da vinci could be used in addition to prostatectomy and nephrectomy which are already reimbursed


is actually a separate legal entity from the sale of RVs. Now while we manage that location holistically, both in compensation and supervision,

is actually a separate legal entity from the sale of rvs now while we manage that location holistically both in compensation and supervision


So we're excited to be with you today. We feel like we had a really successful first quarter. Included, as you can see in some of the bullet points, our earnings per share up 30% over

so we're excited to be with you today we feel like we had a really successful first quarter included as you can see in some of the bullet points earnings per share up 30% over


and operational experience combined with a more mature regulatory environment. These factors contributed to our ability to purchase some larger portfolios that met our return thresholds.

and operational experience combined with a more mature regulatory environment these factors contributed to our ability to purchase some larger portfolios that met our return thresholds


but we also increased our ICA deposit rates by an average of 4 basis points towards the end of January. Assuming no further changes in fed rates, or our deposit rates,

but we also increased our ica deposit rates by an average of 4 basis points toward the end of january assuming no further changes in fed rates or our deposit rates


Simply put, clients with hundreds of thousands of employees demand significant upfront services to deploy our software to their offices around the globe.

simply put clients with hundreds of thousands of employees demand significant upfront services to deploy our software to their offices around the globe


We had one in Q1. We just talked about one in Q3. So I would take that into account as you look at a year-over-year view. I think rates are higher now than they were before, so I would take that into account as well.

we had one in q1 we just talked about one in q3 so i would take that into account as you look at a year-over-year view i think rates are higher now than they were before so i would take that into account as well


the higher rent and utilities, but more importantly, the major driver there we've seen is transmission expenses. And these associated with the increased payload that we have seen in the network.

the higher rent and utilities but more importantly the major driver there we've seen is transmission expenses and these are associated with the increased payload that we've seen in the network


is difficult in the sense that the business is low, but at the same time -- which has an impact on the numbers, but at the same time, implementation of the strategy remains a key priority.

is difficult in the sense that the business is low but at the same time which has an impact on the numbers but at the same time implementation of the strategy remains a key priority


we think that gives us opportunities with customers, but we're not looking to buy distressed type of entities. We're looking to buy quality operations

we think that gives us opportunities with customers but we're not looking to buy distressed type of entities we're looking to buy quality operations


These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict.

these estimates and statements speak only as of the date on which they are made are not guarantees of future performance and involve certain risks uncertainties and assumptions that are difficult to predict


there's still a relatively small part of the total bookings. So what do you need to do on your end to make sure that international bookings become a much larger percentage of the total bookings?

they're still a relatively small part of the total bookings so what do you need to do on your end to make sure that international bookings become a much larger percentage of the total bookings


So would you let us know if the study continues, as a result of the interim analysis? Of course, we will find out if the study stops, but would you issue a press release?

so would you let us know if the study continues as a result of the interim analysis of course we will find out if the study stops but would you issue a press release


our financial policy is to continue to have a very healthy and strong balance sheet, and it is to deliver on an increased actual dividend payout in the years to come.

our financial policy is to continue to have a very healthy and strong balance sheet and it is to deliver on an increased actual dividend payout in the years to come


So until there's a final report from Samsung, there's really nothing that we can add. The only things that we do know is what I mentioned in the prepared remarks.

so until there's a final report from samsung there's really nothing that we can add the only things that we do know is what i mentioned in the prepared remarks


we remain very confident. I mean, we -- knock on wood, things can happen. But with everything we know right now, we feel really good about the aerospace business, and we feel really good about the automotive business.

we remain very confident i mean we knock on wood that things can happen but with everything we know right now we feel really good about the aerospace business and we feel really good about the automotive business


In the appendix of this material, we've included the other modeling assumptions, which are effectively unchanged since the second quarter. And with that, I'd like to turn the call back over to Kevin.

in the appendix of this material we've included the other modeling assumptions which are effectively unchanged since the second quarter and with that i'd like to turn the call back over to kevin


from the system. Since then, we have seen the load factors in line with what we saw last year. And we are not expecting many more changes between now and the end

from the system since then we have seen the load factors in line with what we saw last year and we're not expecting many more changes between now and the end


This obviously has a direct impact on the Northstar Portfolio business. We're seeing lower response rates to our direct marketing campaigns from prospects as well as existing customers.

this obviously has a direct impact on the northstar portfolio business we're seeing lower response rates to our direct marketing campaigns from prospects as well as existing customers


The divestiture enhances our financial profile and further concentrates our efforts in our leading and growing consumer healthcare platform, which we'll talk about in detail in later.

the divestiture enhances our financial profile and further concentrates our efforts in our leading and growing consumer health care platform which we'll talk about in detail later


in funding needed investments by reducing spending in other areas that are not either a priority to our business or adding less value. And so,

funding needed investments by reducing spending in other areas that are not either a priority to our business or adding less value and so


we've been successful with some new customers there to gain some market share. They're testing us out, and that was really a story of our on-time performance was not where it needed to be.

we've been successful with some new customers there to gain some market share they're testing us out and that was really a story of our on-time performance was not where it needed to be


Please note that statements made on this conference call about the future performance of the company may constitute forward-looking statements within the meaning of federal securities laws.

please note that statements made on this conference call about the future performance of the company may constitute forward-looking statements within the meaning of federal securities laws


In 2015, as we began to transition key processes, in many cases, we maintained duplicate resourcing until we were confident that the migration was successful.

in 2015 as we began to transition key processes in many cases we maintained duplicate resourcing until we were confident that the migration was successful


So moving on to ODIs, and these are effectively a measure of how we're getting on with our operational performance. These are the incentive mechanisms that Ofwat have put in place,

so moving on to odis and these are effectively a measure of how we're getting on with our operational performance these are the incentive mechanisms that off will have put in place


The Annuity business also benefited from the ongoing favorable impacts of our annual assumption updates last quarter and refinements to our risk management strategy which was implemented last year.

the annuity business also benefited from the ongoing favorable impacts of our annual assumption updates last quarter and refinements to our risk management strategy which was implemented last year


and select participation in refinancing transactions where we were comfortable with the risk or return profile. As a result of our selectivity, we were able to avoid yield compression,

and select participation in refinancing transactions where we were comfortable with the risk-return profile as a result of our selectivity we were able to avoid yield compression


Accordingly, we are taking what we believe to be a cautious approach to our 2016 outlook for shipments in mobile products as we evaluate the further impact of lower energy prices on the demand for capital equipment.

accordingly we are taking what we believe to be a cautious approach to our 2016 outlook for shipments of mobile products as we evaluate the further impact of lower energy prices on the demand for capital equipment


during the Lunar New Year period, we do see a reduction in construction activity. And so you'll see a little bit weaker demand during that period and you'll see the inventory levels

during the lunar new year period we do see a reduction in construction activity and so you'll see a little bit weaker demand during that period and you'll see the inventory levels


This is a key advantage as the literature indicates that performing hip fracture surgery within 24 hours of injury is associated with better functional outcomes, along with lower complications and mortality.

this is a key advantage as the literature indicates that performing hip fracture surgery within 24 hours of injury is associated with better functional outcomes along with lower complications and mortality


And now we're evaluating options to increase mining rate and milling alternatives to improve recoveries. Pilar and Fazenda Brasileiro, let me deal with them separately and then collectively.

and now we're evaluating options to increase mining rate and milling alternatives to improve recoveries filar and fazenda brasileiro let me deal with them separately and then collectively


preparing on the far western end of the property, and it looks absolutely spectacular. I think we're in a good position for continued sales there the balance of this year.

preparing on the far western end of the property and it looks absolutely spectacular i think we're in a good position for continued sales there the balance of this year


These sectors in the market overall have being weak in F '15, and the outlook is that they will remain weak for F '16, with the emerging pipeline of civil construction projects

these sectors and the market overall have been weak in f '15 and the outlook is that they will remain weak for f '16 with the emerging pipeline of civil construction projects


This attachment rate is nearly double that of the rest of the industry, and it also means that we are 50% more profitable than the rest of the industry for each Switch unit that we sell.

this attach rate is nearly double that of the rest of the industry and it also means that we are 50% more profitable than the rest of the industry for each switch unit that we sell


the feedback that I've gotten from Drew and his team on particular conversations they've had with their customers. I've spoken to our sales leaders around the world

the feedback i've gotten from drew and his team on particular conversations they've had with their customers i've spoken to our sales leaders around the world


and selling price recovery, more than offsetting higher freight costs and a headwind related to higher commodity costs. In an effort to offset continued raw material cost pressure,

in selling price recovery more than offsetting higher freight costs and a headwind related to higher commodity costs in an effort to offset continued raw material cost pressure


Yes. So we are very much -- to your point, it's an excellent question. We are investing even more today so that we can ensure that we can deliver

yes so we are very much to your point it's an excellent question we are investing even more today so that we can ensure that we can deliver


Specifically, we will focus on pro forma core operating results, which exclude the results of the South African projects and we will separately provide an update on those projects.

specifically we will focus on pro forma core operating results which exclude the results of the south african projects and we will separately provide an update on those projects


in the neighborhood of a year or longer. We think this profile has the ability to be able to do that for the vast majority of patients.

in the neighborhood of a year or longer we think this profile has the ability to be able to do that for the vast majority of patients


From April, we'll be rolling out our own platform and offering brokerage accounts directly to customers. We received the Central Bank license to open brokerage accounts earlier this month.

from april we'll be rolling out our own platform and offering brokerage accounts directly to customers we received the central bank license to open brokerage accounts earlier this month


Several strategies that generated significant gains last quarter had smaller gains or modest losses in Q3 and we also had net losses on our credit hedges this quarter as opposed to net gains last quarter.

several strategies that generated significant gains last quarter had smaller gains or modest losses in q3 and we also had net losses on our credit hedges this quarter as opposed to net gains last quarter


And the second question is, is there a meaningful way in which you can differentiate yourselves in a 5G world? How do you think about

and the second question is is there a meaningful way in which you can differentiate yourselves in a 5g world how do you think about


And I think the contributing factors to that are the product assortment. I think the team has done an excellent job of rationalizing the store base. I think we have stores of the right size and the right place.

and i think the contributing factors to that are the product assortment i think the team has done an excellent job of rationalizing the store base i think we have stores as right size and the right place


As we noted last quarter, the Middle East continues to have the most stability in terms of maintenance activity levels and we saw a nice increase in demand ahead of their normal seasonal slowdown.

as we noted last quarter the middle east continues to have the most stability in terms of maintenance activity levels and we saw a nice increase in demand ahead of their normal seasonal slowdown


Becoming more disciplined, however, does not mean that we're on the defense. In fact, discipline gives us the freedom to elevate our innovation agenda even further. Helping athletes to redefine what is possible

becoming more disciplined however does not mean that we're on the defense in fact discipline gives us the freedom to elevate our innovation agenda even further helping athletes to redefine what is possible


across our store base. Importantly, acquisitions remain a cornerstone of our growth strategy as evidenced by the new state we will add to our geographic footprint in the fourth quarter

across our store base importantly acquisitions remain a cornerstone of our growth strategy as evidenced by the new state we will add to our geographic footprint in the fourth quarter


On the spin itself, we expect to confidentially file the Form 10 this quarter and make a public filing some time late in the second quarter. As David mentioned, we remain on track.

on the spin itself we expect to confidentially file the form 10 this quarter and make a public filing sometime late in the second quarter as david mentioned we remain on track


We picked up our first development rig in February and increased that to 2 rigs by April. Plus, we added a dedicated frac crew that began work in July.

we picked up our first development rig in february and increased that to 2 rigs by april plus we added a dedicated frac crew that began work in july


But the CapEx business will lead to the OpEx business eventually. That's why we will continue to focus on winning these major CapEx projects.

but the capex business will lead to the opex business eventually that's why we will continue to focus on winning these major capex projects


That pad is just down-dip of where we map the pressure transition and would be a useful data point in extending the successful application of slickwater completions in Area 2. That

that pad is just down dip from where we mapped the pressure transition and will be a useful data point in extending the successful application of slickwater completions in area 2


Industry fundamentals continue to evolve generally as we expected, with the notable exception that production in the Permian is currently exceeding our original expectation.

industry fundamentals continue to evolve generally as we expected with the notable exception that production in the permian is currently exceeding our original expectation


How does that work? And in terms of what your reading of the new proposals are, will those current liabilities be able to be rolled over for another year?

how does that work and in terms of what you're reading of the new proposals are will those current liabilities be able to be rolled over for another year


Our approach for drug combination is based on the scientific and biological rationale of the pathway we're targeting, and presents a differentiated approach

our approach for drug combination is based on the scientific and biological rationale of the pathway we're targeting and presents a differentiated approach


Our income recognition follows our conservative policy of generally amortizing upfront economics over the life of the investment rather than recognizing all of it at the time the investment is made.

our income recognition follows our conservative policy of generally amortizing upfront economics over the life of the investment rather than recognizing all of it at the time the investment is made


Turning to financing. Capital markets conditions got a little choppier during August and September as concerns about a slowing Chinese economy and declining energy and commodity prices weighed on debt markets.

turning to financing capital markets conditions got a little choppier during august and september as concerns about a slowing chinese economy and declining energy and commodity prices weighed on debt markets


From a strategy standpoint, we are moving from a complex portfolio of independent staffing and service operations to a collaborative company that delivers managed project and staffing services

from a strategy standpoint we are moving from a complex portfolio of independent staffing and service operations to a collaborative company that delivers managed project and staffing services


going forward. So if we consider you are doing this already from the beginning of the year and also subscriptions were increased toward the end of the year and that will

going forward so if we consider you are doing this already from the beginning of the year and also subscriptions will increase toward the end of the year and that will


we used only a minimal amount of cash on an operating basis, which includes restructuring expenses. We are on track to generate positive cash flow this fiscal year.

we used only a minimal amount of cash on an operating basis which includes restructuring expenses we are on track to generate positive cash flow this fiscal year


And they want to renovate and they -- and so it becomes much less of a contractual conversation than it does a business opportunity conversation.

and they want to renovate and so it becomes much less of a contractual conversation and it does a business opportunity conversation


improve branding for us to be able to attract good talent in colleges. So these are the things that we need to do more.

improve branding for us to be able to attract good talent in colleges so these are the things that we need to do more


Before we begin, I'll remind everyone that during the course of this conference call, we will be making forward-looking statements that involve a number of risks and uncertainties and are not guarantees of future performance or results.

before we begin i remind everyone that during the course of this conference call we will be making forward-looking statements that involve a number of risks and uncertainties and are not guarantees of future performance or results


We have improved our reliability, we have improved our security, and we are also increasing our investments to expedite portions of the integration process.

we have improved our reliability we have improved our security and we are also increasing our investments to expedite portions of the integration process


but are you guys starting to see some work related to that cleanup? Are you getting any indications of whether this can be a real opportunity and when that might start to convert into business for you?

but are you guys starting to see some work related to that cleanup are you getting any indications of whether this can be a real opportunity and when that might start to convert into business for you


clearly. I would look at this one as the combination of we had some faster speeds this quarter than we had modeled at the end of last quarter. And then we

clearly i would look at this one as it's a combination of we had some faster speeds this quarter than we had modeled at the end of last quarter and then we


for all payers, including UnitedHealthcare. And we use modern technology and information across the expanse of our enterprise to enable and improve health system performance

for all payers including unitedhealthcare and we use modern technology and information across the expanse of our enterprise to enable and improve health system performance


We've been dealing with increasing cost in steel rebar since tariffs were first introduced in 2017. We've been successful in passing along all of the cost increases

we have been dealing with increasing costs in steel rebar since tariffs were first introduced in 2017 we have been successful in passing along all of the cost increases


chemistry. Not necessarily an end market, but what's the chemistry and where could the chemistry be applied as opposed to here's my end market and what chemistries or technologies do I have?

chemistry not necessarily an end market but what's the chemistry and where could the chemistry be applied as opposed to here's my end market and what chemistries or technologies do i have


Well, I think it should be. I mean, that's part of what the message is both internally to our team and externally is, as we are reorganizing, Anil, we're showing up

well i think it should be i mean that's part of what the message is both internally to our team and externally is as we're reorganizing anil we're showing up


to have a transaction this way because of leverage impact. And this is why we chose to issue new shares,

to have a transaction this way because of leverage impact and this is why we chose to issue new shares


clients that are direct clients of the firm will be on this platform and then the 3 basis points should come through on the entirety of the asset base in scope.


For example, since the start of the year, we have added a number of new air personalities, most notably a star in Atlanta and have successfully re-branded 2 of our stations in Miami and San Diego.

for example since the start of the year we have added a number of new air personalities most notably at star in atlanta and have successfully rebranded 2 of our stations in miami and san diego


And frankly, a little surprising to us, we expect widening spreads. But on the mix that we buy, we did not see wider spreads in the first quarter.

and frankly a little surprising to us we expect widening spreads but on the mix that we buy we did not see wider spreads in the first quarter


This dividend was paid on December 31 to shareholders of record on December 15. With that, I would like to open up the call for questions.

this dividend was paid on december 31 to shareholders of record on december 15 with that i would like to open up the call for questions


The weather has been favorable so far, with good rain volumes in the main producing regions. And assuming this condition is maintained, we expect to crush between the mid and top of the range.

the weather has been favorable so far with good rate volumes in the main producing regions and assuming this condition is maintained we expect to crush between mid and top of the range


and we expect revenue growth in the second half of the year will be driven primarily by software license sales to our largest customer and Adrenalin upgrades as we deliver against our product road map.

and we expect revenue growth in the second half of the year will be driven primarily by software license sales to our largest customer and adrenaline upgrades as we deliver against our product road map


And then I'll return to provide some additional comments on new business pursuits and our major new growth initiatives before we open up the call for your questions. Garrett?

and then i'll return to provide some additional comments on new business pursuits and our major new growth initiatives before we open up the call for your questions garrett


in the retail industry is quite high. So in order to increase sales and reduce expenses, we certainly

in the retail industry is quite high so in order to increase sales and reduce expenses we certainly


No. We've kept rigs on our marketed list on our website that we believe can all eventually go back to work depending on what the total industry rig count is at a certain time.

no we've kept rigs on our marketed list on our website that we believe can all eventually go back to work depending on what the total industry rig count is at a certain time


Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations

such forward-looking statements involve known and unknown risks uncertainties and other factors which may cause the actual performance financial condition or results of operations


Like our other products, this is all about helping consumers get better control of their financial health by giving them a convenient and free way to better manage their spending, which is perhaps one of the biggest consumer needs in the marketplace today.

like our other products this is all about helping consumers get better control of their financial health by giving them a convenient and free way to better manage their spending which is perhaps one of the biggest consumer needs in the marketplace today


improving safety and service, developing high quality drivers and reducing our cost per mile and cost per transaction.

improving safety and service developing high-quality drivers and reducing our cost per mile and cost per transaction


and I want Swift to be the best Swift that it can be. As a result, we expect little to no change for customer and driver-facing activities.

and i want swift to be the best swift that it can be as a result we expect little to no change for customer and driver-facing activities


One of the ways we measure our growth potential is a metric called pipeline coverage, which is defined as the size of the sales pipeline divided by the sales quota for that quarter.

one of the ways we measure our growth potential is a metric called pipeline coverage which is defined as the size of the sales pipeline divided by the sales quota for that quarter